Consumer > News > 2010 Aug > New online pension calculators
New online pension calculators
Do you know how much income and tax-free cash you are likely to get when you retire? If not, then use our pension calculators to see how much you should be saving to get the lifestyle in retirement you want.
Pension calculators
See for yourself how much money you are likely to have in retirement.
It's a well known fact, that people are not saving enough for retirement. Some will get a nasty shock when they retire and find that their income dramatically reduces and they cannot afford the basics, let alone all the holidays and leisure pursuits we all look forward to.
Pensions Minister, Steve Webb recently said that around seven million people are not saving enough to meet their retirement aspirations. Plus the basic state pension of £97 a week is "not enough to live on."1
Try using the calculators below to see if you are on track, just click on the headings below. It's easy to underestimate the amount you should be saving in order to achieve a financially comfortable retirement. Take a look for yourself.
Quick calculator
Simply enter your basic information (age, contributions, and retirement age) and this calculator will display how much income and tax-free cash you are likely to get when you retire.
Retirement planner
This is a more complex calculator that allows you to enter your personal details plus information about your existing pension arrangements and contributions. You then enter the level of income you think you will need in retirement and the calculator tells you whether you are likely to reach this target or fall short of it when you retire.
You can then do a comparison calculation. By making changes to your original information that you entered, you can see what effect those changes have on your retirement income.
Easy to use
Both tools are straightforward and easy to use but in case you are uncertain, there are helpful tips throughout the tool that explain the questions in more depth. Simply click on the corresponding help symbols.
More information
If you are unsure about whether you should be contributing more to your pension or need help to use the calculators then please contact your financial adviser.
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